,ECS2606 Assignment 1 (COMPLETE ANSWERS)
Semester 1 2025 (253465 ) - DUE 24 March 2025;
100% TRUSTED Complete, trusted solutions and
explanations.
MULTIPLE CHOICE,ASSURED EXCELLENCE
Answer ALL the Questions Explain and diagrammatically
illustrate the impact that the Covid-19 -pandemic induced
restrictions on economic activities imposed in many countries
across the world in 2020/21 had on the materials balance
principle. ecs2604 [10] Explain with the aid of production
possibility curves how your country could limit the production
and consumption of future generations by current irresponsible
consumption and production. [10] ecs2605 Make use of
appropriate examples to explain and distinguish between
opportunity costs and external costs. [10] ecs2602 Explain the
difference between positive and normative economics and
provide two examples in each case. [10] ecs2601 Draw two
graphs to explain how the impact of inelastic and elastic
demand curves will differ if environmental policies are
enforced. [10] ecs2607 2. Explain and diagrammatically
illustrate the impact that the Covid-19 -pandemic induced
restrictions on economic activities imposed in CHINA in
2020/21 had on the equimarginal principle . [10] Explain how
the following methods can be used to determine the willingness
to pay for benefits: [25] i. Averting costs ii. Wage rates iii.
Children’s health iv. House prices v. Intercity wage differentials
, 3. Discuss and diagrammatically illustrate the fundamental
balance principle. [25] 4. There are three decentralised
environmental policy measures that can be implemented in the
case of environmental pollution. Discuss these measures in
detail. [25] 5. Explain with the aid of production possibility
curves how your country could limit the production and
consumption of future generations by current irresponsible
consumption and production. [10] 3. Make use of appropriate
examples to explain and distinguish between opportunity costs
and external costs. [10] 4. Explain the difference between
positive and normative economics and provide two examples in
each case. [10] 5. Draw two graphs to explain how the impact of
inelastic and elastic demand curves will differ if environmental
policies are enforced. [10] Answer ALL the Questions
ECS2604: The Materials Balance Principle and COVID-19
Explanation: The materials balance principle states that
matter is conserved in economic processes—inputs must
equal outputs, including waste. COVID-19 restrictions
reduced industrial production, trade, and transportation,
affecting resource flows.
Diagram: A flowchart showing reduced input (raw
materials) leading to lower production and waste output.
ECS2605: Production Possibility Curve (PPC) and Future
Generations
Semester 1 2025 (253465 ) - DUE 24 March 2025;
100% TRUSTED Complete, trusted solutions and
explanations.
MULTIPLE CHOICE,ASSURED EXCELLENCE
Answer ALL the Questions Explain and diagrammatically
illustrate the impact that the Covid-19 -pandemic induced
restrictions on economic activities imposed in many countries
across the world in 2020/21 had on the materials balance
principle. ecs2604 [10] Explain with the aid of production
possibility curves how your country could limit the production
and consumption of future generations by current irresponsible
consumption and production. [10] ecs2605 Make use of
appropriate examples to explain and distinguish between
opportunity costs and external costs. [10] ecs2602 Explain the
difference between positive and normative economics and
provide two examples in each case. [10] ecs2601 Draw two
graphs to explain how the impact of inelastic and elastic
demand curves will differ if environmental policies are
enforced. [10] ecs2607 2. Explain and diagrammatically
illustrate the impact that the Covid-19 -pandemic induced
restrictions on economic activities imposed in CHINA in
2020/21 had on the equimarginal principle . [10] Explain how
the following methods can be used to determine the willingness
to pay for benefits: [25] i. Averting costs ii. Wage rates iii.
Children’s health iv. House prices v. Intercity wage differentials
, 3. Discuss and diagrammatically illustrate the fundamental
balance principle. [25] 4. There are three decentralised
environmental policy measures that can be implemented in the
case of environmental pollution. Discuss these measures in
detail. [25] 5. Explain with the aid of production possibility
curves how your country could limit the production and
consumption of future generations by current irresponsible
consumption and production. [10] 3. Make use of appropriate
examples to explain and distinguish between opportunity costs
and external costs. [10] 4. Explain the difference between
positive and normative economics and provide two examples in
each case. [10] 5. Draw two graphs to explain how the impact of
inelastic and elastic demand curves will differ if environmental
policies are enforced. [10] Answer ALL the Questions
ECS2604: The Materials Balance Principle and COVID-19
Explanation: The materials balance principle states that
matter is conserved in economic processes—inputs must
equal outputs, including waste. COVID-19 restrictions
reduced industrial production, trade, and transportation,
affecting resource flows.
Diagram: A flowchart showing reduced input (raw
materials) leading to lower production and waste output.
ECS2605: Production Possibility Curve (PPC) and Future
Generations
